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It seems a company like Qualcomm with a P/E in the 150-160 range growing at 50-60% Year over Year can support their valuation well going forward. But what happens to a Cisco, with a P/E over 180 growing @30-35% per year? I wonder what it will do to the tech investor's psyche if Cisco is forced back to the mean for the long term. I am a Cisco holder, and I often note it is, at the current price, the most overvalued company in my portfolio (IMO).

CSCO only gets forced back to the mean long term when a new, discontinuous technology comes along. That being said, I do agree that a gorilla might take quite a hit once it grows to the point where the law of large numbers takes over and prevents more hypergrowth, but I cannot remember if Moore discusses this or not.
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